Recent developments in the energy sector indicate that blockchain technology is being embraced to address a range of issues including network security and improved integration of renewable generation and demand response resources. This emerging technology continues to have the potential to become a disrupter in the energy industry.
Recently the U.S. Department of Energy (“DOE”) awarded Xage Security, Inc. (“Xage”) a development grant to demonstrate how its blockchain security fabric could protect the U.S. energy infrastructure. As newer technologies have been utilized in utility networks, legacy systems increasingly face cybersecurity risks for which they were not initially designed, and utilities increasingly have been the target of cyber-attacks. Xage proposes to use blockchain and distributed ledger technology to enhance utility system security.
Source: The National Law Review